As part of its bankruptcy, Luminar is seeking permission to sell both its lidar and semiconductor businesses, the latter of which it has already agreed to sell to Quantum Computing for $110 million. The company plans to continue to operate during the bankruptcy proceedings “to minimize disruptions and maintain delivery of its LiDAR hardware and software.” That said, Luminar will cease to exist once the process is complete.
“As we navigate this process, our top priority is to continue delivering the same quality, reliability and service our customers have come to expect from us,” CEO Paul Ricci said in a statement.
It’s been a rough couple of years for Luminar. In addition to Russell’s ouster, the company has been through several rounds of layoffs as it sought to restructure its workforce. Russell resurfaced earlier this year in an attempt to reclaim the company he lost by acquiring 100 percent of its Class A shares under the auspices of his new company, Russell AI Labs. This all led to Volvo announcing that it would be dropping Luminar lidar from its 2026 models due to limited supply of the hardware.
[Notigroup Newsroom in collaboration with other media outlets, with information from the following sources]
